Employee Proof Submission Form For the Financial Year 2016-2017 [LAST DATE OF FOR SUBMITTING PROOFS IS 20/12/2016 Employee ID * Gender Date of ing Employee Name *

No. of Children going to School *

PAN No (Attach Photocopy)* Address for claiming HRA:

No. of Children staying in Hostel *

Aadhaar Card Number* Company Name(Deputed At)

Section A - Rent paid details for claiming HRA exemption ( Only Original Rent Receipts will be considered & if the rent exceeds Rs.8333.33, Landlord Pan no mandatory) From Date

To Date

City

Metro Yes/No

PAN of Landlord

As Per Section B - Chapter VI A - Deductions from Total Income (Photo Copies to be Last attached) Declaratio n Medical Insurance (U/s 80D) - Individual, Spouse & Children Medical Insurance (U/s 80D) - Parents not being Senior Citizens

Rent Paid per month

Value of Proof Attached

Approved Amount (To be filled by MAGNA)

Approved Amount (To be filled by MAGNA)

Medical Insurance (U/s 80D) - Parents being Senior Citizens Medical Treatment/Handicapped Dependent (U/s 80DD) - Without Severe Disability Medical Treatment/Handicapped Dependent (U/s 80DD) - With Severe Disability Medical Treatment in case any Disease/Ailment-Self/Dependent (U/s 80DDB)-Senior Citizen (Age<=60Yrs) Medical Treatment in case any Disease/Ailment-Self/Dependent (U/s 80DDB)-Senior Citizen Interest(Age>=60Yrs) on Educational Loan (U/s 80E) Interest on Additional Housing Loan (U/s 80EE) For Rent Paid (U/s 80GG) Permanent Physical Disability (80U) < 80% Permanent Physical Disability Severe Disability (80U) > 80% Interest on Deposits in Savings deduction upto Rs.10000 (80TTA) Investement under 80CCD (National Pension Scheme) Section C - Chapter VIA Sec 80C Life Insurance Public Provident Fund (PPF) National Savings Certificate (NSC) Children Education Tuition Fee (Max 2 Children) Mutual Funds / Equity Linked Saving Scheme (ELSS) / Unit Linked Insurance Policy (ULIP) Cumulative Term Deposits 5 Year Deposit under Senior Citizen Saving Scheme 5 Year Time Deposit in Post Office Housing Loan - Principal Amount paid, Registration Fees, Stamp duty Bank Fixed Deposit Scheme (Block Period of 5 yrs) Sukanya Samrudhi Scheme NSC Interest (Will be considered as Other Income) Section D(a) - Loss from House Property - LETOUT (Photo Copies to be attached) Calculation details to be attached in the format given in Instruction Total interest Sheet paid by me (post construction/possession/ amortized pre-emi) during the financial year (April 16 to March 17) - Letout Address of the Property against which Loan taken City Date of Occupation (DD-MM-YYYY) * Section D(b) - Loss from House Property - SELF OCCUPIED (Photo Copy) (If loan was availed before 01/04/1999, limited to Rs.30000, else limited to Rs.200000) Total interest paid by me (post construction/possession/ amortized pre-emi) during the financial year (April 16 to March 17) - Self Occupied Address of the Property against which Loan taken City Date of Occupation (DD/MM/YYYY) * Section E - Other Reimbursement Medical Allowance (Bills) (only eligible if part of salary component to claim exemption) Leave Travel Allowance ( Bills) (only eligible if part of salary component to claim exemption) Section F - Previous Employment Income From Previous Employer (ed after 01/04/2016) Income after Section 10 exemption Provident Fund (PF) Professional Tax (PT) Tax deducted at source (TDS) Section G - Other Income Other Income Details to be ed for tax calculation Control Total (Please total the figures entered in A+B+C+D(a)+D(b)+E+F+G) (Mandatory) Declaration 1. I hereby declare that I have read and understood the guidelines provided in 'Proofs Option Document' and 'EPSF' instructions and that all information given above is correct and true in all respects. 2. LTA Exemption being claimed by me is as per the IT rules which specifies that exemption can be claimed twice in a block of 4 years. (irrespective of the number of employers in the period). Current Block being 01-Jan-2014 to 31-Dec-2017 3. I also undertake to indemnify the company for any loss/ liability that may arise in the event of the above information being incorrect. 4. I hereby declare that I have read and understood the guidelines provided in 'Proofs Option Document' and 'EPSF' instructions and that all information given above is correct and true in all respects.

Date : Place : Signature of Employee * * Indicates mandatory fields. Please the same and if blank, please fill in and submit the form. EPSF without signature will not be considered.

Proof Submission Guidelines 2016-17 SECTIONS COMPONENT

10 (13A)

House Rent Allowance

PROOF TO BE SUBMITTED

TAX BENEFIT

FOLLOWING WILL BE DISALLOWED

Original Rent Receipts one for each (Month / Quarter / Year) pertaining to current financial year (Apr Least of the below is exempt for Income Tax: ’16 to Mar ‘17)

Rent Agreement alone without rent receipts

Rent Receipt should contain Rent paid for the period Name and signature of landlord Complete address of the property PAN of Landlord (in case rent is > Rs.8.333/- per month) Revenue stamp to be affixed (Not mandatory for Karnataka)

If Loss on self-occupied property is claimed for the same period and same city, then HRA rent is disallowed for the overlapping period

Actual HRA earned by the assesse for the year. Rent paid minus 10% of Basic salary

(Declaration Form attached) Document

40% of Basic or 50% of Basic (in case of Metro cities)

(Landlord Decl Attached)

Employees, who have ed the company in between the year i.e. after 1st Apr 2016, should submit Rent Receipt only for the period with the current employer (from Date of ing till the proof submission month)

Maintenance and electricity charges are not considered. Only actual rent paid will be considered

Rental Agreement is mandatory for rent amount greater than <8333> Photocopies of rent receipts

Declaration form from the land lord is required incase PAN is unavailable - Format attached HRA Declaration for future months to be submitted. Format attached at the end of the document Original Train Ticket(s)

Exemption criteria:-

Original Flight Ticket(s) ed with Boarding (s)

Exemption allowed for travel undertaken within India only.

(LTA claim form attached)

In case of travel by road Original Travel agent's Bill clearly Reflecting Places Travelled

LTA

In case of travel by Train / Flight - Travel agent’s bill without tickets does not constitute valid proof LEAVE TRAVEL Employee should be on paid leave during the period of travel (to be verified by the employer / HR) ALLOWANCE

Employee essentially should be part of the travel, to be able to claim exemption.

If two claims are already made in the current block (01-01-2014 – 31-12-2015), & (01-01-2016-31-12-2017) no further claim will be accepted. 1. Exemption cannot exceed the amount paid as LTA in the year by the current employer, even if the actual travel expenses are higher. 2. In case of travel by Taxi – Fare equivalent to the First class a/c train for the distance of the journey by the shortest route only will be considered as exemption

Note: LTA Forms Attached ( To claim LTA)

Breakup of Total KM Covered between each of the places Travelled Number of Dependent Travelled ( Spouse/Children / Parents) Children Education Allowance

Applicable only if employee has children education allowance as part of earnings

Rs.100/- per month per child, for maximum of two children.

No Proofs required. Number of school /hostel going children to be updated in EPSF to provide necessary exemption

Additionally, Rs.300/- per month per child if the child / children are Exemption will not be provided, if number of school / hostel in hostel. going children is not updated in EPSF. Exemption will be prorated from Date of ing of current employer

Chapter VIA deductions Photocopy of the receipt and insurance certificate issued by the Insurance Company

80D

Medical Insurance

Least of the paid or amount mentioned below is exempt

Receipts should be of the current financial year only (Apr’16 – Mar’17)

Limited to Rs.25000/- In case of Individual, Spouse & Children

Receipt / Certificate should specify that benefit eligible u/s 80D (Mediclaim Insurance)

Limited to Rs.50000/- In case of Individual, Spouse, Children and parents below 60 years

Deduction through salary for parents will be considered. No proof required Only amount is allowed Preventive heath check up is allowed for deduction upto Rs 5,000, within the overall deduction limit.

Limited to Rs.55000/- In case of Individual, Spouse, Children and any one parent above 60 years

Previous year receipts along with declaration to be submitted, if the policy is due after the proof submission Preventive cut-off heath date check up is allowed for deduction upto Rs 5,000, within the overall deduction limit.

Page 2 of 8

Deduction through salary for parents in law is not eligible as per IT Act

Late payment charges and service tax will not qualify for the benefit.

Proof Submission Guidelines 2016-2017 SECTIONS COMPONENT

80DD

Maintenance / Medical treatment of Handicapped dependents

80DDB

Deduction in respect of Medical Treatment

80E

80U

PROOF TO BE SUBMITTED Photocopy of certificate (Form - 10 IA)issued by the competent medical authority in a Government Hospital specifying the % of disability Self-declaration mentioning amount spent on treatment, training or rehabilitation of the handicapped dependent or receipt of the amount paid to LIC/UTI for the policy Where condition of disability requires reassessment, fresh certificate to be obtained after its expiry to continue claiming the deduction Submit a certificate in form 10-I,from a neurologist, Oncologist,Urologist, Haematologist, Immunologist or other specialist as mentioned in Rule 11DD. Applicable for the assesse or their dependant husband/wife,,children, parents, brothers and sisters of the tax payer

Eligible if loan is availed by the employee for self, spouse or children for pursuing higher education on or before 01-Apr-2006 Provisional certificate pertaining to current financial year only (Apr ’16 – Mar ’17) from the Bank / Education Loan Financial Institution specifying the following: Interest Said loan is an Educational Loan and qualify for benefit u/s 80E Benefit Break up of principle and interest paid on the loan in the current financial year (Apr’16–Mar’17)

TAX BENEFIT

FOLLOWING WILL BE DISALLOWED

No benefit if disability is < 40% Form 10 IA will not be considered, if the expiry date is on or Rs.75000/- if disability is > 40% & <=80% Rs.125000/- if disability before 01-Apr-2016 is >80%

Rs.40000/- for his assesse or dependant, and in case of senior citizen Rs.60000/- or actual expenditure whichever is lower and in case of super senior citizen Rs.80000/- or actual expenditure whichever is lower. Further the deduction amount will be reduced from the amount recovered from the insurer or from the employer

Form 10-I will not be considered, if the expiry date is before 01-Apr-2016. Actual expenditure bills also to be ed/submitted to claim the benefit along with the form 10-I

No capping of maximum limit

Bank statement / Certificate of payment due cannot be considered as proof of payment. Actual interest paid by the employee during the financial year is Interest paid for the first 8 years on loans taken for Higher Education such as Engineering / Medical allowed in full as deduction etc Deduction in Photocopy of certificate (Form - 10 IA)issued by the competent medical authority in a Government No benefit if disability is < 40% case of Hospital specifying the % of disability Form 10 IA will not be considered, if the expiry date is on or Disability-Only Where condition of disability requires reassessment, fresh certificate to be obtained after its expiry, Rs.75000/- if disability is > 40% & <=80% Rs.125000/- if disability before 01-Apr-2016 is >80% Self to continue claiming the deduction. Photocopy of receipts / certificates pertaining to current financial year only (Apr ’16 – Mar ’17)

80CCD

National Pension Scheme

80TTA

Interest on Savings Bank

80EE

Deduction in respect of interest on loan taken for residential House property

NPS Certificate should be in the name of individual (Self only)

(Form 10I A form attached)

Maximum deduction is allowed under Sec-80CCD(including 80C) is Rs.2,00,000/-

Certificates in the name of spouse, children and parents are disallowed

Self-declaration from the employee/certificate from the Bank/co-opoerative bank/Post office mentioning the total interest earned only from the savings during the FY Apr ’16 – Mar ’17. Maximum deduction is allowed under Sec-80TTA is Rs.10,000/Interest from savings declared will also be ed as “Other Income”

Interest from non savings will be disallowed

Assessee should be an Individual. Loan taken from a financial institution (Bank/House finance company) Loan should be sanctioned during the financial year 2016-17 Loan Sanctioned amount does not exceed Rs.35 lakhs Value of residential property does not exceed Rs.50 lakhs The assessee does not own any residential house property on the date of sanction of loan This should be the first property

Sanction amount > 35 lakhs and the value of such property exceeds 50 lakhs, benefits are not allowed under this section. Employee owning the house property in the previous year ie., prior to 1st April 2016 will not be allowed to claim the benefit. This section is effective 2016-17 hence the loan sanction amount prior to this financial year will also be not allowed to claim the benefit under this section.

Maximum deduction u/s 80EE is allowed Rs. 50000/-.

Page 3 of 8

(Form 10I A form attached)

Proof Submission Guidelines 2016-2017 SECTIONS COMPONENT

PROOF TO BE SUBMITTED

TAX BENEFIT

FOLLOWING WILL BE DISALLOWED

SELF OCCUPIED AND LET OUT HOUSE SEC 24

24

Provisional certificate pertaining to current financial year (Apr ’16 – Mar ’17) with breakup of interest and principle from the Housing Finance Company / Bank.

Capped to a maximum of Rs.2,00,000/- only i.e. Total amount allowed for a property is Rs. 2,00,000/-.

In case of t loan, declaration specifying the % of benefit claimed by the individual

Loan taken before 01/04/1999, interest restricted to Rs.30000/-

If Self-occupied benefit and HRA is claimed for the same period, in the same city, then HRA benefit is disallowed for the overlapping period

Housing Loan interest taken for renovation/repairs restricted to Rs.30000/If property is not occupied within 3 years of loan sanction date, benefit is restricted to Rs.30000/-

Bank statement showing only EMI deduction will be disallowed. Interest benefit cannot be claimed, unless the property is in possession on or before 31-Mar-2017.

Pre-EMI interest (EMI paid before occupation of the house) is deductible in 5 equal instalments starting from the year when the construction is completed or property is acquired.

Only one self occupied property is considered for tax benefit on interest paid. If multiple properties, claim only one under self-occupied and the rest under let-out

No cap on maximum amount

Bank statement showing only EMI deduction will be disallowed

Loss on SelfHousing loan interest deduction through payroll will be considered. No proof required Occupied house property (Housing loan interest) Possession Letter from Builder or through self declaration from the employee is mandatory as per IT circular no 8/2012, dated 5th October 2012 Provisional certificate pertaining to current financial year (Apr ’16 – Mar ’17) with breakup of interest and principle from the Housing Finance Company / Bank.

24

80C

In case of t loan, declaration specifying the % of benefit claimed by the individual Loss / Income on Let out House Property Form 12 C or Computation of Loss / Income as per rule is mandatory. Template attached (Housing loan If the premises is left vacant / occupied by family, as per Section23 (1) (c), Notional Rental Income interest) has to be arrived and then, the net loss has to be arrived. Notional rent to be taken as municipal valuation or the rent which similar property in the same locality would fetch, whichever is higher. However, if standard rent is fixed for the property, then notional rent cannot exceed the standard rent Section 80C Deductions ( Maximum Deduction Capped to Rs. 1.5 Lakh Inclusive of PF/ VPF PF / VPF / LIC Deduction Deduction through payroll will be considered. No proof required for the same. through salary

Life Insurance

Policy can be in the name of individual, spouse and children Policy should specify that benefit eligible u/s 80C

Loan taken before 01/04/1999, interest restricted to Rs.30000/-

Maximum deduction is allowed under Sec-80C (including 80CCC) is Do not attach payslips or Tax computation sheets as proofs Rs.1,50,000/Late payment fees will not be considered

Maximum deduction is allowed under Sec-80C (including 80CCC) is Rs.1,50,000/-

Photocopy of all the certificates for which interest is being claimed. NSC certificate should have been taken on or after 01-Apr-2009 80C

80C

NSC Interest

National Savings Certificate (NSC)

NSC Certificate should be in the name of individual (Self only) Calculation of Interest is mandatory as per the NSC interest calculation table given along with the guidelines Photocopy of receipts / certificates pertaining to current financial year only (Apr ’16 – Mar ’17) NSC Certificate should be in the name of individual (Self only)

Policy for parents are disallowed

Future period benefits will not be provided, if declaration / previous year receipts is not submitted. Proposal Receipt will be disallowed

Declaration for future months to be submitted Photocopy of stamped challan or PPF book Public provident fund Public Provident fund should be in the name of individual, spouse and children (PPF) Receipts should be of the current financial year only (Apr’16 – Mar’17)

Computation of net loss without considering Notional Rental Income will be disallowed

(Declaration Form attached)

Photocopy of previous year receipts are required for future months, as proof

80C

(Let out Property format attached)

Interest benefit cannot be claimed, unless the property is in possession on or before 31-Mar-2017.

Photocopy of receipts issued by the Insurance Company, pertaining to current financial year (Apr ’16 – Mar ’17) Policy can be from any approved company by IRDA(Insurance Regulatory & Development Authority) 80C

HRA HSL Int Form attached

Maximum deduction is allowed under this scheme is Rs.1,50,000/per PPF

Counterfoil alone does not constitute as proof. book is mandatory

Maximum deduction is allowed under Sec-80C (including 80CCC) is Current year certificates do not qualify for interest benefit. Rs.1,50,000/Should be submitted under NSC NSC Interest declared will also be ed as “Other Income” and taxed

Certificates in the name of spouse, children and parents are disallowed

Previous year certificates do not qualify. Should be submitted Maximum deduction is allowed under Sec-80C (including 80CCC) is against NSC Interest only Rs.1,50,000/Certificates in the name of spouse, children and parents are disallowed

Page 4 of 8

Document

Proof Submission Guidelines 2016-2017 SECTIONS COMPONENT

80C

PROOF TO BE SUBMITTED

Photocopy of the certificate / bond issued by the scheduled bank should be of the current financial year only (Apr ’16 – Mar ’17) Term deposits (Tax Saving Bond Only) for a minimum period of 5 years with a scheduled bank are Fixed Deposit in a Scheduled eligible for deduction Bank Policy should specify that benefit eligible u/s 80C. If not specified, letter from the bank specifying the eligibility u/s 80C is required

TAX BENEFIT

FOLLOWING WILL BE DISALLOWED Certificates in the name of spouse, children and parents are disallowed

Maximum deduction is allowed under Sec-80C (including 80CCC) is Payment Receipts or copy of cheque alone does not Rs.1,50,000/constitute as proof. Photocopy of certificate / bond is mandatory

Certificate should be in the name of individual (Self only) Photocopy of Receipts / Statements pertaining to current financial year only (Apr’16 – Mar’17) 80C

Receipt can be in the name of individual, spouse and children Unit Linked Insurance Plan Policy should specify that benefit eligible u/s 80C

Maximum deduction is allowed under Sec-80C (including 80CCC) is Future period benefits will not be provided, if declaration is Rs.1,50,000/not submitted

Declaration for future months to be submitted

80C

Photocopy of Receipts / Statements pertaining to current financial year only (Apr’16 – Mar’17)Specified funds only Mutual Fund / Receipt should be in the name of individual (Self only) ELSS Policy should specify that benefit eligible u/s 80C Declaration for future months to be submitted

80C

Children Tuition Fees

Certificates in the name of spouse, children and parents are Maximum deduction is allowed under Sec-80C (including 80CCC) is disallowed Rs.1,50,000/Future period benefits will not be provided, if declaration is not submitted

Photocopy of Receipts for tuition fees paid, pertaining to current financial year only (Apr’16 – Mar’17)

Donations, Capitation fees, Computer fees, Uniform fee, Sports fee etc., are not allowed Photocopy of Receipts for term fees paid, pertaining to current financial year only (Apr’16 – Mar’17) Maximum deduction is allowed under Sec-80C (including 80CCC) is Rs.1,50,000/Only amount mentioned as ‘Tuition Fee’ in the fee receipt will be considered for deduction Future period benefits will not be provided, if declaration is not submitted Declaration for future months to be submitted Eligible only if the employee is a Sr. Citizen. Sr.Citizen is >= 60 years, as per Income Tax Act

80C

Deposit under Certificate should be of the current financial year only (Apr’16 – Mar’17) Senior Citizens Certificate should specify that benefit eligible u/s senior citizen saving scheme Saving Scheme

Maximum deduction is allowed under Sec-80C (including 80CCC) is Certificate in the name of spouse / children disallowed Rs.1,50,000/-

80C

Copy of the Receipt/certificate issued by the Post office Five Yr Time Certificate should be in the name of individual (Self only) Deposit Scheme in Post Time deposit for a period of 5 years with a post office is eligible for deduction. Office

Certificates in the name of spouse, children and parents are Maximum deduction is allowed under Sec-80C (including 80CCC) is disallowed. Monthly recurring deposit with Post office is not Rs.1,50,000/eligible for benefit

80C

80C

Housing Principal including Registration/ Stamp Duty

Sukanya Samrudhi Scheme

Provisional certificate pertaining to current financial year (Apr’16 – Mar’17) with breakup of interest and principle from the Housing Finance Company / Bank. In case of t loan, declaration specifying the % of benefit claimed by the individual Maximum deduction is allowed under Sec-80C (including 80CCC) is Bank statement showing only EMI deduction will be Rs.1,50,000/disallowed Housing loan principle deduction through payroll will be considered. No proof required Photocopy of Sale Deed and Stamp Duty Paid Receipt pertaining to current financial year (Apr’16 – Mar’17)

Photocopy of receipts issued by the post office / authorised banks, pertaining to current financial year (Apr ’16 – Mar ’17)

Maximum deduction is allowed under Sec-80C (including 80CCC) is Rs.1,50,000/-

Page 5 of 8

Late payment fees will not be considered

Previous Employment Details Who is eligible? Employees who has worked in any other company before ing the current company, within the financial year (Apr’16 – Mar’17) and whose Date of ing is after 1st April 2016 What is considered Previous Employer Income? The Income after Sec 10 exemption is considered as Previous Employer Income. This includes all earnings earned till the Date of leaving for the current financial year (From Apr ’16 onwards) including perquisites after deducting section 10 exemptions. Proof to be submitted: 1.     Photocopy of Form 16 affixed with seal & signature or Digital Signature or Final Tax computation sheet, from the previous employer along with a declaration in Form 12B duly signed by the employee. 2.     The Income after Sec 10 exemption, Professional Tax / Provident Fund/ VPF and Income tax deducted, will be considered along with the current employment income, to arrive at net tax liability for the year 2016-2017. 3.     Where the previous employer has granted Deduction’s for Investments made, including Housing Loan interest deduction / Other Income reported – proofs will have to be re-submitted to the current employer along with the EPSF

Tax Treatment: Previous employment income, as per ing, will be ed for computing the tax liability for the year. While generating the Form16, the previous employment details will be removed. This treatment is ed by the below circular from the IT department. You are expected to consolidate multiple employment details, while filing your individual returns As per circular F.No.SW/09/03/2002-DIT(S)-798 dated 13/4/04 issued by the Directorate of Income Tax (Systems) Section 192(2) of Income Tax Act, 1961 allows an employee who had more than one employer in financial year to furnish details of his salaries and TDS from the first employer in Form 12B(ed by relevant proofs) to the second employer for the purpose of deduction of correct tax at source by the second employer. The relevant provisions required that in such a case, the second employer may deduct tax at source at a lower rate and enclose Form 12B with his TDS returns. At present, in the TDS return for salary i.e. Form No.24, there is no column for furnishing of particulars of salary received/tax deducted by the previous employer. Previously, the deductors used to furnish these details as a footnote in the TDS return. However, this cannot be done in electronic TDS return, as data structure does not provision of any footnote.The matter was referred to the CBDT. The CBDT has clarified that such problems can be resolved as under; In cases of employees with more than one employer in a financial year, the deductor need to disclose only the salary paid and TDS made by him in the Form 24 being filed by him. In case this amounts to deduction at a lower rate, then he can mention the words "12B' in the Remarks column of Form 24; and Enclose Form 12B along with Form 27A, which the deductor is required to file along with his e-TDS return.

The circular clearly states that only current employer’s income and tax details should be shown in Form 24. Since Form 24 is an aggregation of Form 16s issued, Form 16 will display only the current employer’s income and tax. However, while computing the tax liability for the full year, the previous employment income and tax will be ed for. The same practice was followed Since FY 2005-06.

Following will be disallowed: 1) Only Form 12B submitted will not be considered

3) Tax computation with projections will not be considered

2) Only payslips will not be considered

5) Previous years Tax computations will not be considered

4) Tax computations of the current year only will be considered

Previous Employment Income / Tax

Previous Employment Income / Tax

Proofs to be submitted

Guidelines

Photo Copy of Form 16 or a signed / sealed tax computation sheet, from the previous employer along with a declaration in Form 12B.

Only Form 12B submitted will not be considered.

(12b FORM ENCLOSED)

The income after Sec.10 exemption Professional tax/ PF/ VPF and income tax deducted, will be factored along with the current employemnt income, to arrive at net tax liability for the year 20162017 Where the previous employer has granted Deduction’s for Investments made – including Housing Loan Interest Deduction -proofs of such investments will have to be re-submitted now with EPF. Treatment of Previous Employment Income

Employee has to submit Form 16, or a signed / sealed tax computation sheet, from the previous employer along with a declaration in Form 12B. Form 16 or the signed tax sheet from the previous employer is mandatory. Only Form 12B submitted will not be considered Previous employment income, as per ing, will be ed for computing the tax liability for the year. While generating the Form16, the previous employment details will be removed. This treatment is ed by the below circular from the IT department. As per circular F.No.SW/09/03/2002-DIT(S)-798 dated 13/4/04 issued by the Directorate of Income Tax (Systems 1.      Section 192(2) of Income Tax Act, 1961 allows an employee who had more than one employer in financial year to furnish details of his salaries and TDS from the first employer in Form 12B(ed by relevant proofs) to the second employer for the purpose of deduction of correct tax at source by the second employer. The relevant provisions required that in such a case, the second employer may deduct tax at source at a lower rate and enclose Form 12B with his TDS returns. 2. At present, in the TDS return for salary i.e. Form No.24, there is no column for furnishing of particulars of salary received/tax deducted by the previous employer. Previously, the deductors used to furnish these details as a footnote in the TDS return. However, this cannot be done in electronic TDS return, as data structure does not provision of any footnote 3. The matter was referred to the CBDT. The CBDT has clarified that such problems can be resolved as under

Page 6 of 8

a.      In cases of employees with more than one employer in a financial year, the deductor need to disclose only the salary paid and TDS made by him in the Form 24 being filed by him. In case this amounts to deduction at a lower rate, then he can mention the words "12B' in the Remarks column of Form 24; and b.      Enclose Form 12B along with Form 27A, which the deductor is required to file along with his e-TDS return. The circular clearly states that only current employer’s income and tax details should be shown in Form 24. Since Form 24 is an aggregation of Form 16s issued, Form 16 will display only the current employer’s income and tax. However, while computing the tax liability for the full year, the previous employment income and tax will be ed for. The same practice was followed in FY 2005-06.

PERQUISITE PER CALANDER MONTH [EFFECTIVE FROM 1ST OF APRIL 2016] Sl No

Circumstances

1

Where the motor car is owned or hired by the employer and

Where Cubic Capacity of Engine Does on exceed 1.6 Litres

is used partly in the performance of duties and partly for private or personal purposes of his own or any member of his household and(i) the expenses on maintenance and running are met or reimbursed by the employer; Rs. 1,800 (plus Rs. 900, if chauffeur is also provided to run the motor car) 2

Where the employee owns any other automotive conveyance but the actual running and maintenance charges are met or reimbursed to him by the employer and such reimbursement is for the use of vehicle partly for official purposes and partly for personal or private purposes of the employee.

Subject to the provisions of clause (B) of this sub-rule, the actual amount of expenditure incurred by the employer as reduced by the amount of Rs. 900.

Page 7 of 8

Where cubic Capacity of Engine exceeds 1.6 litres

Rs. 2,400 (plus Rs. 900, if chauffeur is also provided to run the motor car)

Section B

Chapter VI A

SECTION

Dependents Eligible for Tax Benefit

1 Medical Insurance

80D

Individual, Spouse, Children & Parents

2 Medical Treatment for Handicapped Dependent

80DD

Individual, Spouse, Children, Parents, Dependant Brothers & Sisters

3 Medical Treatment for Specified Disease

80DDB

Individual, Spouse, Children, Parents, Dependant Brothers & Sisters

4 Interest on Education Loan

80E

Individual, Spouse & Children

5 Deduction in respect of Rents Paid

80GG

Individual

6 Permanent Physical Disability including Blindness

80U

Individual

7 Interest on savings

80TTA

Individual

8 Investment under National Pension Scheme

80CCD

Individual

9 Deduction in respect of interest on loan taken for residential House property

80EE

Individual

Section C

Section 80C/80CCE

SECTION

Dependents Eligible for Tax Benefit

10 Provident Fund - PF

80C

Individual

11 Voluntary Provident Fund - VPF

80C

Individual

12 Life Insurance - LIC

80C

Individual, Spouse & Children

13 Public Provident Fund - PPF

80C

Individual

14 National Savings Certificate - NSC

80C

Individual

15 Tuition Fees - TF

80C

Individual

16 Mutual Fund - MF

80C

Individual

17 Equity Linked Savings Scheme - ELSS

80C

Individual

18 Unit Linked Insurance Plan - ULIP

80C

Individual, Spouse & Children

19 5-Yr bank fixed deposits (FDs)

80C

Individual

20 Senior Citizen Savings Scheme 2004 (SCSS)

80C

Individual

21 5-Yr post office time deposit (POTD) scheme

80C

Individual

22 NABARD rural bonds

80C

Individual

23 Interest on NSC

80C

Individual

24 Stamp Duty & Registration Charges

80C

Individual

25 Home Loan Principal Repayment

80C

Individual

26 Sukanya Samrudhi Scheme

80C

Children

Section D

Housing Loan Details

SECTION

Dependents Eligible for Tax Benefit

27 Self Occupied Property

24

Individual

28 Let Out Property

24

Individual